OPEN-SOURCE SCRIPT
IB Breakout Strategy with Fib, CVD, and Divergence
Entry rules and signals- I wait for the 5min IB(initial balance) to form every session for eg-(first 5min candle of london session or ny session, marking top wick to bottom wick of first 5 min candle with a midpoint in that zone.Then look for CVD(cumulative volume delta) if it's alining with my analysis.I also mark previous session fib levels for scalp entries on .618 or .78 level.Also i do mark previous day VAH(value area high),VAL(value area low) and POC(point of control) for better understanding of direction.
Initial stop loss and take profit values-Initial stop loss varies from 200$ to 500$ and take profit varies from 250$ to 500$.
Number of contracts you plan to trade based on system stats and risk management-I plan to trade 1-2 contracts until i reach the safety net.Once safety net is achieved based on my entry level i decide the contract size which varies from 1-4 contracts.
Trade management and any trailing stop methods-I trail the stop once i feel like there's enough room for the trade.I manage the trade on the basis of strength of a candle, if its taking much time without strength i exit the trade.
Initial stop loss and take profit values-Initial stop loss varies from 200$ to 500$ and take profit varies from 250$ to 500$.
Number of contracts you plan to trade based on system stats and risk management-I plan to trade 1-2 contracts until i reach the safety net.Once safety net is achieved based on my entry level i decide the contract size which varies from 1-4 contracts.
Trade management and any trailing stop methods-I trail the stop once i feel like there's enough room for the trade.I manage the trade on the basis of strength of a candle, if its taking much time without strength i exit the trade.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.